February inflation ‘alarming,’ says legislator

A key House official on Friday warned that February’s inflation rate of 4.7 percent means that inflation is accelerating at “alarming” levels, as he called for efficient controls to keep food prices down.

“Inflation is accelerating to a level that is alarming. The controls that will work will be neither monetary nor regulatory,” said Albay Rep. Joey Salceda, chair of the House ways and means panel.

Salceda, an economist, made the remarks after the Philippine Statistics Authority reported that inflation went up for the fifth consecutive month in February to 4.7 percent, the highest in two years due to the faster increase in prices of food and other basic commodities. In January, inflation stood at 4.2 percent. —Julie M. Aurelio